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Mid-Day Report: Markets Shrugged Off Weak Eurozone PMIs and Solid UK SalesThe forex markets generally lack directions except clear weakness in yen. Euro's reaction to worse than expected PMI data was mild. Sterling also shrugged off better than expected retail sales. Dollar is also staying in established range against Europeans and commodity currencies. Released from US, CPI was unchanged at 1.7% yoy in October versus consensus of 1.6% yoy. CPI core rose to 1.8% yoy as expected. Initial jobless claims dropped to 291k in the week ended November 15, higher than expectation of 286k. The four week moving average rose slightly by 2k to 287.5k. Continuing claims dropped 73k to 2.33m in the week ended November 89, lowest since December 2000. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 117.16; (P) 117.61; (R1) 118.42; More... USD/JPY retreats mildly after reaching as high as 118.97 earlier today. With 117.05 minor support intact, intraday bias remains on the upside for 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 next. We'll beware of topping around that level as it's also close to 120 psychological level and long term fibonacci level at 120.13. On the downside, below 117.05 minor support will indicate temporary topping and bring consolidations first. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped and bids at 1.2510-20 were filled, however, buy orders are still noted at 1.2500, 1.2465-70 and in good size at 1.2440-45 (stops below), more bids are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350. On the upside, offers are seen at 1.2580 and in good size at 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Hold long entered at 1.5640As cable has rebounded after finding renewed buying interest at 1.5632, retaining our bullishness and further consolidation above this week's low at 1.5590 would be seen with upside bias for corrective bounce to previous resistance at 1.5736, however, break there is needed to add credence to our view that low has been formed at 1.5590, bring retracement of recent decline to 1.5765-70 Trade Idea Update: USD/JPY - Buy at 117.70Despite intra-day rally to 118.98, as the greenback has retreated after faltering below 119.00 level, suggesting minor consolidation below this level would be seen and pullback to 117.65-70 (50% Fibonacci retracement of 116.34-118.98) cannot be ruled out, however, reckon downside would be limited and bring another rise later, above said resistance at 118.98 would extend upmove to 119.10 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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